Refer to the 2017 General Electric Retiree Health and Life Benefits disclosure appearing in Exhibit 15.9. Required:
Question:
Refer to the 2017 General Electric Retiree Health and Life Benefits disclosure appearing in Exhibit 15.9.
Required:
1. Reconstruct the journal entries that GE would have made in 2017 to record the effects of its retiree health and life benefits plans. The curtailment loss of $4 should be treated as a credit to OCI—net actuarial gain in conjunction with the amortization journal entry. To record the $27 acquisition (disposition)/other liability loss, GE would have made the following entry:
2. Show how GE’s health and life benefits plans affected its AOCI account for 2017. Use the T-account format shown for GE’s pension plans in Figure 15.7.
Exhibit 15.9.
Figure 15.7.
Step by Step Answer:
Financial Reporting And Analysis
ISBN: 9781260247848
8th Edition
Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer